Greencoat buys 24 per cent Texan wind farm stake from RWE
UK renewables fund Greencoat has bought a 24 per cent stake in four wind farms in Texas from energy giant RWE.
The investment manager will pay $160m for the stake, giving the 207 megawatt project an enterprise value of around $300m.
As a result of the sale, RWE will own just 25 per cent of the four wind farms, but will continue to operate the sites.
The deal is expected to close in the first quarter of 2021.
Greencoat, which already holds stakes in several RWE projects in the UK, manages around $8bn in renewables assets around the world.
The four onshore wind farms for which the parties agreed to enter a partnership are Stella, Cranell as well as East and West Raymond.
With a total installed capacity of 861 MW, they are located in the coastal region of south Texas.
Texas produces about 30 gigawatts of wind power a year, the largest amount of energy produced by any state.
The installed capacity of the southern state exceeds all but China, India, the US, and Germany in size.